Accession Number:
AD0601263
Title:
EXISTENCE OF COMPETITIVE EQUILIBRIA IN MARKETS WITH A CONTINUUM OF TRADERS.
Descriptive Note:
Corporate Author:
RAND CORP SANTA MONICA CALIF
Personal Author(s):
Report Date:
1964-06-01
Pagination or Media Count:
71.0
Abstract:
It is well known, and easy to establish, that there exist markets that do not have competitive equilibria, provided the traders do not have convex preferences--that is, that the set of commodity bundles preferred or indifferent to a given bundle is not always convex. It is proved, nevertheless, that in a market consisting of a continuum of traders, each one individually insignificant, there is always a competitive equilibrium, even when the preferences are not convex. Author